Examining the oil and gas industry’s response to unparalleled change
ADIPEC Virtual 2020 offers the opportunity to global industry leaders to assess the emerging shape of the oil and gas sector in the wake of the COVID-19 pandemic. Industry leaders will discuss strategies for success as the long-term impact of the crisis is felt on supply and demand, the world economy, and the global energy transition.
With the shift to a low carbon world, driven by increasingly aggressive government, investor and social pressures, the need for the hydrocarbons sector to transform is becoming a prominent talking point.
Against this background, ADIPEC 2020, albeit virtual, will play an important role in developing the thought-leadership, direction and strategies that will inform the industries moving forward.
ADIPEC’s Virtual Strategic Conference will focus on how the energy sector is changing in the midst of the COVID-19 pandemic, and the collective measures that the industry needs to adopt to ensure a fast-track recovery in the industry. It will focus on five pillars, each of which adds a critical element of insight into understanding the challenges and task facing energy sector leaders over the coming months and years:
ADIPEC VIRTUAL 2020 KEY THEMES
These 5 distinct pillars, incorporated in the ADIPEC Virtual Strategic Conference Programme, will offer unique insights into how the oil and gas sector is evolving to the new realities brought on by COVID-19, and the long-term implications for private companies, and for producer and consumer countries.
The downturn in energy demand, brought on by the deep global economic recession, combined with oversupply and a lack of storage, paralysed the industry. As the energy sector seeks to recover, it faces huge uncertainties. The eventual outcome of which, will shape global balances and investment strategies over the course of the next decade:
- What will the new demand normal look like?
- Will shale production remain economic under the emerging supply-demand conditions?
- What are the key lessons learned from the 2020 crisis?
- How has the business model and the industry value-proposition changed?
Short and long-term shocks to the industry are challenging its profitability and its ability to create sustained value for investors and governments. New approaches will be required to a sector where “cheaper, cleaner, more efficient” will increasingly become the standard for business resilience and operational success:
- What are the key areas of innovation and technology that offer most opportunity for an energy sector in transition?
- What options are available to enhance stakeholder value in the long-term?
- How will partnerships be impacted as the industry adapts to a new normal?
- What can the industry learn from the experience of other sectors?
The COVID-19 pandemic directly impacted the evolving patterns of supply and demand, the slowing pace of globalisation, and changes to the architecture of the international system. Trends that had been evident for a number of years have been accelerated, with the emergence of new energy leaders, new patterns of trade, and new national security concerns. These factors will shape the energy sector environment in the coming years, determining the stability of energy trade as well as the stability of energy prices:
- Has the COVID-19 pandemic altered the balance of power in the global energy sector?
- How has government policy impacted the new global energy architecture?
- What will the future architecture of market management look like?
- What are the lessons learned for the main producers and consumers of oil and gas?
Climate and sustainability factors pose a challenge to energy industry norms. Business as usual is no longer an option in a sector that will increasingly be guided by the pressures of energy transitions. If private companies and government are to maintain the social license to operate, adaptation of business practices and long-term operations are inevitable:
- How will the impact of the COVID-19 pandemic alter the climate change agenda?
- What are the different pathways available to companies and countries as energy transitions unfold?
- In a world that still relies on hydrocarbons, how are governments, companies and consumers collaborating to achieve low-carbon economy targets?
Demographics, changing views of the energy industry, climate concerns and gender imbalance are all impacting the sector’s workforce and the availability of talent globally. In the western hemisphere, in particular, attracting and retaining the best and the brightest is becoming an increasing challenge. Industry leaders will require new, innovative strategies to maintain and ensure a long-term supply of talent in the sector.
- How can companies protect their employees in the wake of cost cutting?
- What skills upgrades will be required as companies focus on innovation and automation?
- Where is the talent pool of tomorrow?
- How can the industry further embrace diversity to broaden its talent pool and attract new employees?
ADIPEC VIRTUAL 2020 STRATEGIC CONFERENCE PROGRAMME INCLUDES:
Panel session experts and industry leaders will examine the most pertinent oil and gas recovery scenarios post-pandemic, including the impacts of the entire world of the deep economic downturn; the parallel slump in oil demand; and the conditions that the industry will face amidst a new normal.
Leaders, innovators and industry experts will deliver critical insights on issues impacting the future of energy, including the COVID-19 pandemic and how economies are recovering; the new geopolitics of supply; building future business resilience and the unquestionable need for new, robust business models.